Securities Enforcement and Litigation

Securities Class Actions and Shareholder Derivative Litigation

Arnold & Porter regularly represents parties in the full range of private securities-related class actions, including class actions alleging securities fraud under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder as well as actions under Sections 11, 12(b), and 15 of the Securities Act of 1933.

We also have experience representing clients in actions under the Employee Retirement and Income Security Act (ERISA), which frequently are brought in tandem with securities fraud class actions.

The matters we handle include claims or charges of fraud and/or securities or regulatory violations, which may arise out of allegations involving improper financial reporting or other public disclosures, accounting errors or irregularities, the Foreign Corrupt Practices Act (FCPA), insider trading, stock manipulation, and other issues. We also have extensive experience representing clients in parallel government investigations.

In addition, our firm regularly represents client in shareholder derivative actions involving claims of fraud, breach of fiduciary duty, mismanagement, and negligence, which may arise out of allegations involving poor corporate governance, accounting errors or irregularities, inadequate internal controls, merger consideration, stock option administration, and other issues.

Our clients include corporations, corporate officers and directors, financial institutions, and accountants and other outside professionals. We handle matters across the nation involving a wide range of industries.

Our experience is recognized by major directors' and officers' liability insurers, who have included our firm on their panel lists of approved counsel for such matters.


Yelp Securities class actions
Consolidated class actions arising from drop in securities price.
The Charles Schwab Corporation IRA class action
Secured dismissal of all causes of action brought by four million IRA account holders.
CNL Hotels & Resorts, Inc. In re CNL Hotels & Resorts, Inc. Sec. Litigation
Obtained dismissals of claims against company executives in a major shareholder securities class action


Post-Cyan Ruling on Discovery Stay (pdf)
Harvard Law School Forum on Corporate Governance and Financial Regulation
Court Grants Post-Cyan Discovery Stay in State Court Securities Class Action
Supreme Court Holds There Is No Tolling for Successive Class Actions


U.S. News & World Report and Best Lawyers
"Best Law Firms" – Securities Litigation and Securities Regulation (2011-2020)
The Legal 500 US
Securities: Shareholder Litigation (2014-2016)
Chambers USA
Securities: Regulation (Nationwide) (2010-2016)

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